How to Save Money During a Financial Crisis

When the price of gasoline and diesel went up, the price of almost everything else followed suit. Food, clothing, consumer goods and services are all tied in to the price of fuel. Now is the perfect time to develop a few good habits and learn how to save money during this financial crisis.

1. Step 1

   Repeat after me: “budget” is not a four-letter word. Having a household budget is the first step to getting out of debt and building a stable financial future, no matter what the situation is on Wall Street. Never look at having a budget as punishment for not being wealthy. It is a tool, and a powerful one, that you can use to achieve freedom, even during this current financial crisis. Sit down and make a list of all of your daily, monthly, and yearly expenses. This will be your “Master List.”

2. Step 2

   On a separate sheet of paper list necessities only: Food, Shelter, Rent/Mortgage, Utilities, Insurance, Clothing, Medical Expenses, etc. Double check the master list to make sure you haven’t left anything off.

3. Step 3

   On a third sheet of paper, list the rest of your expenses. Again, double check the master list to make sure there aren’t any omissions. Scrutinize this list carefully, and be honest with yourself. Do you need all of the movie channels you’re currently paying the cable company for? Do you have to order pizza once a week? While there is no need to live a monkish existence, you will find that you are spending money on several things that ultimately give you little or no real joy. These are expenditures that you can cut right away. You don’t have to give up your Starbucks if you can find something of equal value to cut instead. Saving during a financial crisis doesn’t have to hurt.

4. Step 4

   Now you are ready to make your revised master list. Subtract the total dollar amount on this revised master list from the total dollar amount on the first master list and you’ll have a good start to your monthly savings.

5. Step 5

   Studies have shown that we achieve more when we commit our goals to paper. Set monthly, quarterly, and yearly savings goals for yourself. You’ll be surprised at how good it makes you feel, and you will be on track to financial stability. Check the "Resources" link at the bottom of this page for more tips and ideas.

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